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How do I know which loan is best for me?

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Jess21
Frequent Contributor

How do I know which loan is best for me?

I am trying to educate myself as much as much as possible on this mortgage deal but I find myself so lost LOL....I see all these different types of loans how do I know what is best for me.  My husband and I make a joint income of approx 65k.  We will be buying our first home, his credit is all clean however is very thin because he is a new resident.  My scores are in my siggy but at the time of purchase should be at least 700.  We plan to keep that home forever unless something radical happens.  We can put maybe about %5 down  ?? any help?

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 1 of 6
5 REPLIES 5
Jess21
Frequent Contributor

Re: How do I know which loan is best for me?

oh and we definitely want a fixed rate Smiley Happy

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 2 of 6
topa
Regular Contributor

Re: How do I know which loan is best for me?

Without getting into the details:

 

- Lowest payment, shortest term

 


Starting Score: 600 (Jan 2014)
Current MyFICO Scores: EQ: 712 | TU: 706 | EX: 702
Current Bureau Scores: EQ Beacon 5.0: 682 | TU FICO Classic 04: 740 | EX FICO V2: 706
Goal Score: 750


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Message 3 of 6
Klaws1000
Valued Member

Re: How do I know which loan is best for me?

Well you know you want a fixed rate.  Good choice! 

Can you swing your prospective mortgage and live comfortably with a 15, 20 or 30 year payment structure?  With us, I'm approved for $260,000.  If I take out a loan for $260K, I will have to go with a 30 year fixed.  If I score a home that's $180 to $200K, I can probably swing the 15 year loan.  

FICO SCORES: 7/29/14 - TU 692 EX 688 EP ?
Message 4 of 6
Jess21
Frequent Contributor

Re: How do I know which loan is best for me?

It would b a 30 yr term and we are looking between 100k-120k. In north Georgia

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 5 of 6
Klaws1000
Valued Member

Re: How do I know which loan is best for me?

My broker preapproved me for a 5% LTV 30 year mortgage because that's the one that worked best for me, given the unknown variables of my situation.  In my case, that's how much my current home will sell for.  I need that profit to put down on the next house.  Everyone has different circumstances and parameters. 

I'm "pro" mortgage broker, that way I have a professional on my side letting me know my options.  Do you have one?  He or she should be able to fit a mortgage best for you.   

FICO SCORES: 7/29/14 - TU 692 EX 688 EP ?
Message 6 of 6
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